There's a Form for That

WRA forms for everyday issues

 Cori Lamont  |    December 01, 2010

Recently, while traveling around the state to speak about legal pitfalls, I discovered a great amount of interest and lack of awareness about some of the WRA forms. In many instances, there was even an audible Aha! after learning that a certain form existed.

In hopes of providing everyone with their own Aha moment, here are the top five forms that garnered the most interest. All of the forms discussed are in zipForm.

1. Listing Questionnaire Regarding Title Issues Form (WRA-QST) 

Before listing a property, prudent practice includes determining whether an owner will be able to convey title in the event a buyer is found. In these times of foreclosures and short sales, a practical licensee will take into consideration a property owner’s debts, judgments, liens and other encumbrances on the property. Besides obtaining a search and hold from the title company, completion of the QST will help the broker and seller determine a number of potential title issues and if listing the property is in the best interest for both parties.

In addition to basic property information, there is a place for the seller to indicate if they are a personal representative, guardian or power-of-attorney for the property owner. This form asks the seller 26 questions relating to title. Questions range from asking if any remodeling or construction work has occurred within the last six months to whether there are any court judgments or tax liens against the owner. If the seller responds yes, a space is provided for explanation. 

2. Listing/Selling Agent Visual Inspection Form (WRA-LAI) 

License law requires all licensees to inspect the property. Listing brokers are required to inspect the property prior to executing the listing. Even though the law does not speak to a specific time frame for cooperating brokers to inspect the property, prudent practice would be prior to writing the offer. While there is no written form required with respect to the licensees’ inspection of the property, cautious brokers will require all their agents to keep a written record of their observations; the LAI could help.

This form includes one informational page relating to the visual inspection requirement of licensees and guidance on how the form should be utilized.  The second page provides space for the licensee to acknowledge what they observed on the property relating to the exterior, interior and other areas. 

3. Seller’s Refusal to Complete Condition Report Form (WRA-SRR) 

Prior to executing the listing, listing brokers are required to ask the seller about the condition of the structure, mechanical systems and other relevant aspects of the property and ask for the seller to respond in writing. Generally, this response takes the form of a real estate condition report or a seller disclosure report. If the seller refuses to complete a report, best practice for the listing broker would be to obtain a SRR for the file.

This form references the listing broker’s requirement to ask the seller about the condition of the property and request a written response. The SRR includes a seller’s acknowledgement paragraph indicating that the broker asked the seller complete a condition report or other disclosure, and the seller refused. Additionally, this paragraph provides that such refusal does not excuse the seller from making certain property condition disclosures under the law. This form also reminds the seller of the broker’s legal obligation to disclose material adverse facts. Lastly, the form includes a place for the seller’s initials and documents the form’s delivery by the agent.

4. Disclosure of Material Adverse Fact Form (WRA-DMAF) 

Licensees are required to disclose known material adverse facts and information suggesting a material adverse fact; such disclosure applies even if the client directs the licensee not to disclose. A disclosure is material if a party to the transaction were to so indicate, or if a competent licensee would generally recognize that this fact is of such importance that it would affect a reasonable party’s decision to enter into a contract or would affect the party’s decision about the terms of the contract. The disclosure must be made to all interested parties, in writing and in a timely manner. 

This form references disclosure requirements of Wis. Stat. § 452.133 and Wis. Admin. Code RL § 24.07(2)-(3), the definition of adverse fact, blank lines for the licensee to include the written disclosure, a statement recommending the parties obtain professional assistance relating to the disclosed information and places for the licensee’s signature and the parties’ initials.

5. Addendum AR to the Offer to Purchase (Rider) (WRA-AR) 

At this time, the release dates of the remaining offer to purchase forms are not known. In an effort to help offer licensees the ability to add provisions from the revised WB-11 Residential Offer to Purchase into the remaining state-approved offers yet to be revised, the Addendum AR was created. The AR is designed to be used with the WB-12 Farm, WB-13 Vacant, WB-14 Condominium, and WB-15 Commercial offers to purchase. This form incorporates certain WB-11 revisions, such as: the Appraisal Contingency; Gap Endorsement; Alternative Real Estate Tax Proration Formulas; Email Delivery; If This Offer is Not Contingent on Financing; Distribution of Information; Sex Offender Registry; and a sentence addressing Conflicting Provisions.

Cori Lamont is Director of Brokerage Regulation and Licensing for the WRA.

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